Which of the following would be counted in the U.S. GDP for 2015?
a. a Ford Fiesta made in Mexico
b. the $5,000 an investor used to purchase stock in Home Depot
c. Ford buying tires from Goodyear for new Ford Mustangs
d. none of the above
d
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In Figure 5-1 above, the impact of automatic stabilization is depicted by the movement from
A) A to F. B) A to B. C) A to C. D) D to A.
If all the assumptions underpinning the policy irrelevance proposition are in place, fully anticipated monetary policy will
A) affect the unemployment rate but have no impact on the level of real Gross Domestic Product (GDP). B) have an impact on real Gross Domestic Product (GDP) but cannot alter the level of unemployment. C) effectively alter both the rate of unemployment and the level of real Gross Domestic Product (GDP). D) not change either the level of real Gross Domestic Product (GDP) or the unemployment rate.
If an increase in the price of one good causes the demand curve for another good to shift to the left, then the two goods are:
A. substitutes. B. complements. C. normal. D. unrelated.
When economists speak of scarcity, they are referring to the
A) condition in which society is not employing all its resources in an efficient way. B) condition in which people's wants outstrip the limited resources available to satisfy those wants. C) economic condition that exists in only very poor countries of the world. D) condition in which society produces too many frivolous goods and not enough socially desirable goods.